Lord Global Corporation announced that it has entered into a stock purchase agreement and warrant agreement with Cavalry Fund I L.P., a fund managed by Cavalry Fund I Management, LLC for a private placement of 450 series N convertible preferred stock at a price of $900 per share for gross proceeds of $405,000 on July 30, 2020. The shares are issued at a 10% original issuance discount having issuance price of $1,000 per share. The shares have a par value of $0.001 and are convertible into 450,000 shares of common stock at a conversion price of $1 per share. The preferred shares are redeemable and are subject to hold period. The company shall receive first tranche of $250,000 followed by the second tranche of $155,000 after 90 days. In addition, the company granted 450,000 warrants exercisable on a cashless basis at an exercise price of $1.10 per share for a term of five years. If as of a date 100 days after the agreement subscription date the holder has not paid the subsequent purchase price, the number of preferred shares owned by the investor shall be reduced to 278 preferred shares.